Planet Resource Recovery, Inc. Announces 90-Day Oil Production Update in Austin Chalk Formation Pilot Well
June 26 2008 - 6:00AM
Business Wire
Planet Resource Recovery, Inc. (Pink Sheets:PRRY) is pleased to
announce the continued maintained oil production of a pilot well
treated in February 2008. Production rates were recently posted on
the Texas Railroad Commission website for February, March and April
2008. After a single treatment with PetroLuxus� MMMF in February,
output continues to maintain the original significant increase of
oil production of an isolated well in the Austin Chalk formation.
This 90-day update marks the continuing longevity and effectiveness
of PetroLuxus� MMMF. Planet Resource Recovery, Inc. commenced
working with an AMEX listed oil production company in January 2008,
with the goal to treat a series of wells to increase oil production
with its down hole treatment products - PetroLuxus� MMMF and other
PetroLuxus� products. The company�s wells are situated in the
Austin Chalk formation in Texas. The selected primary oil well
treatment had dramatically declined in production since being
brought back online in September of 2007. This well�s oil
production had slipped in production from over 750 barrels oil per
month to less than 85 barrels of oil per month. After the
PetroLuxus� MMMF treatment was performed in February 2008,
increased oil production was realized within two weeks, which was
extremely encouraging as porosity in the Austin Chalk is some of
the lowest in any formation. Oil production at the selected treated
well for February, March and April 2008 has been significantly
improved resulting in 287, 271 and 284 barrels per month,
respectfully. Since treatment, not only has oil production been
revitalized but improved equipment efficiency has been realized,
allowing for less down time due to equipment failure. About Planet
Resource Recovery, Inc. Planet Resource Recovery, Inc. is the
developer, manufacturer and marketer of the PetroLuxus(TM) family
of products, a proprietary environmentally friendly chemical
compound that dislodges oil in practically all natural and man-made
environments. The PetroLuxus(TM) family of products are effective
and efficient solutions for the remediation and recovery of
petroleum-based products. PetroLuxus(TM) applications include
Enhanced Oil Recovery, Oil Sands, oil spills, oil tank farm
cleaning, marine ship cleaning, remediation of oil sludge pits,
treatment of raw fuel feedstocks, waste oil segregation and
biodiesel, to name a few. Through the acquisition and formation of
wholly owned subsidiaries, Planet Resource Recovery, Inc. deploys
the PetroLuxus(TM) products. Oil Recovery Ventures, Inc. deploys
PetroLuxus(TM) through joint ventures in the Enhanced Oil Recovery
market. For an audio/visual demonstration of PetroLuxus(TM), click
on the link http://www.planetresource.net/index-21.html. For more
information visit: http://www.planetresource.net or
http://www.petroluxus.com. Safe Harbor Statement Certain statements
in this release are "forward-looking" statements as defined in the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to numerous risks and uncertainties. Actual results may
vary significantly from the results expressed or implied in such
statements. Factors that could cause actual results to materially
differ from forward-looking statements include, but are not limited
to, the Company's ability to meet the terms and conditions required
to obtain its project financing, risks and delays associated with
product development, risk of market acceptance of new products,
risk of technology or product obsolescence, competitive risks,
reliance on development partners and the need for additional
capital.
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